Valuing options to renew at future market value:the case of commercial property leases

In this study,we develop and empirically test a valuation model for a commonly encountered option in office leases:a tenant’s option to renew at future market rent(a fair market value)with lease termination as the maturity date.The model integrates decision analysis with real options analysis and market risk with private risks.“Option value”is defined as the private value of the option to either party pre-contract,while“option price”assumes a fair agreement between transacting parties and can be positive(rental premium paid)or negative(rental discount offered).Without manifest expectations,an analysis of a sample of office leases supports the model’s logic with price estimates in a practical range.The tenants’option price/value is shown to have a negative relationship with the original/renewal lease term;conversely,the landlords’option value is positively related to the original/renewal term.Comparative analyses show that transaction costs have a positive effect on tenants’option value and on prices,while vacancy costs and the vacancy period are both positively related to the landlords’option value and negatively related to price.Market rent is found to have a negative relationship with option price.Overall,this study provides a theoretical analysis and empirical tests of the value of a real option that allows option holders to renew/extend their contracts at a fair market value.

Valuing the Core Values

Wisdom and Belief of the East-Understanding the Chinese Values Author:Han Zhen Price:RMB 95 Paperback,207 pages Published by Foreign Languages Press China is increasingly taking center stage in the international arena,and people from around the world are particularly interested in the path the country has taken and the direction it is heading in.More importantly,they want to know what China can contribute to the world.All this curiosity may be boiled down to a seemingly simple question:How to understand China?However,it is not a question that is easily answered in just a few words.

Valuing Health Effects of Natural Radionuclides Releases from Yatagan Power Plant

The objective of this paper is the valuation of radiological health effects of Yatagan Power Plant. To this aim the radiation dose calculations are carried out for the population living within 80 km radius of the plant. The average of the maximum measured specific isotopes 238U, 232Th and 226Ra in the flying ash samples are considered as radioactive sources. Based on the dose calculations, first the stochastic health effects and then monetary health effects are estimated. The estimated total collective dose and economic value of the pre-dicted health effects are 0.3098 man Sv/y and 14791 US$/y respectively. The results obtained from the dose calculations are lower than the limits of International Commission of Radiation Protection (ICRP) and it does not pose any risk for public health. Monetary value of health risks is also negligible in comparison to the av-erage yearly sales revenue of the plant which is 250 million US$.

Valuing the Past

Cultural tourism helps preserve historical architecture and develop traditional arts in Xinjiangas the sun rises over Kazanqi in northwest China,the early morning silence is broken only by the tinkling sound of a horse’s sleigh bells.The old horsedrawn carriage bringing the day’s first visitors make its way slowly through the Kazanqi Folk Tourism District,a triple-A scenic spot in the Xinjiang Uygur Autonomous Region.No tourist buses or cars are allowed here.Visitors travel around the area using traditional means of

Valuing ecological resources through stakeholder participation

This paper presents a pilot effort to identify a methodology to more efficiently codify, quantify and illustrate the intrinsic values associated with ecological resources as expressed by stakeholders. Existing methodologies examine the value of ecological resources, but are often criticized for their monetary focus. These methods generally produce quasi-market values for non-market resources. The natural and cultural resources associated with a national park are analyzed in terms of the expressed values of active stakeholders to quantitatively produce multiple dimensions of value for each resource relative to all others. The resulting abstract and graphical value-space quantitatively reflects stakeholder participation, reflects non-market intrinsic value, and proactively contributes to environmental management and decision making.

How to Improve Valuing Heritage Buildings and Buildings in City Centre

The existing building (EB) as a system and part of the whole system is causing expansion knowledge, which we need if valuate heritage building (HB) or building in the city center (CCB). In many reasons, HB should not be the subject of capital, and therefore not dependent on supply and demand. Valuation of HB or CCB needs attention to the understanding of the difference between buildings even if they stand in the same street or part of the city. This involves so many things, for example, intangible heritage, position on the street, sun expose, traffic, metro, bus station, school, park, etc. We need enough knowledge and mechanism for support to get it. How to get enough knowledge for valuation HB or CCB? Background of real estate value of cultural HB or CCB arises from the system, which needs many elements. Firstly, understanding the building as a system with materials, installations, details, and intangible cultural heritage has an impact on details in buildings. Secondly, HB or CCB is important to understand our history, and they are like books that content history knowledge of engineering and arts. Thirdly, property value does not always arise from buildings. Value involves traffic, sun-exposed, the distance from social buildings (hospital, bus station, railway station) or parks, noise, air pollution, etc. HB or CCB is part of the higher/bigger system. This type of real estate presents many reasons for introducing interdisciplinarity and is part of a complete global system. Interdisciplinarity requires knowledge and new approaches to help in the acquisition of knowledge. The goal of these approaches is how in a simpler and faster way to gain knowledge about the object, HB and CCB, and the wider system. Information technology allows collecting a wider range of information faster and better than in the past. At the same time, the same information changes into the necessary knowledge, but the question is if we have enough mass of data and what kind of data we need. The paper shows the theoretical background for the valuation of HB and CCB system.

Valuing Water Resources in Turkey: A Case Study of Beyşehir Lake

Water resource management is critical to Turkey’s economy and environment. The country has about 112 billion m3 per year of economically exploitable water. However, population growth, climate change and pollution of water bodies are putting increasing pressure on these resources. In this context, understanding the contribution of water to the economy and environment is crucial for its conservation. To meet this need, the World Bank launched a program aiming at improving valuation and accounting systems of natural resources in Turkey. As part of this program, this article estimates in monetary terms the economic value of water in Bey?ehir Lake, the largest freshwater lake in Turkey. Valuation is based on the Total Economic Value concept, which includes use and non-use values. The results show that the economic value of water is about seven times higher than its financial value. In addition, the economic value of water allocated for municipal use (TL5/m3) is substantially greater than that supplied for irrigation (TL0.5/m3). The analysis suggests that allocation of water from Bey?ehir Lake among different uses is inefficient. To validate this conclusion and improve allocation, a more comprehensive assessment of the economic benefits of water resources is needed, particularly of water supply for irrigation, municipal use, recreation and biodiversity. The analysis also indicates that economic valuation can be a powerful tool to improve water management at the river basin level.

基于Valued ERGMs模型的核心技术网络成长机制研究——以量子计算领域为例

对核心技术网络及其成长机制的研究有助于梳理核心技术之间的依赖和促进关系,为研究核心技术演化提供新的理论视角和方法。以技术演化相关理论为基础,归纳核心技术网络成长的影响因素,基于量子计算领域专利数据,识别以技术概念和技术关系为基础的量子计算领域核心技术网络,并基于Valued ERGMs模型构建核心技术网络成长机制模型。结果表明,技术要素中心性、专利技术研发能力、与TRIZ进化法则匹配程度以及技术要素同配性对核心技术网络成长具有正向促进作用;在技术路径方面,核心技术网络成长受到技术要素路径依赖性和技术突破的双重影响。最后,根据量子计算领域核心技术网络成长机制的实证研究结果,从技术研发层面、企业层面、政府层面为相关领域技术发展提出策略建议。

Values and Valuing Across Cultures and Time Zones

Highlights:Values and valuing are seen as enhancing pedagogical actions.•Throughout the papers,the review of the literature is complemented and each research includes specific theoretical constructs.•Regarding research methods,quantitative comparative research projects,which explore students'values related to mathematics,have been influencing other research about values.•A broad and shared theme by the group is the observation of the educational phenomena from a perspective that acknowledges culture and the humanness of the mathematical knowledge.In their research,the collective of authors truly incorporates humaneness in the production and in the teaching and learning of mathematics.

Decision Making Based on Valued Fuzzy Superhypergraphs

This paper explores the defects in fuzzy (hyper) graphs (as complex (hyper) networks) and extends the fuzzy(hyper) graphs to fuzzy (quasi) superhypergraphs as a new concept.We have modeled the fuzzy superhypergraphsas complex superhypernetworks in order to make a relation between labeled objects in the form of details andgeneralities. Indeed, the structure of fuzzy (quasi) superhypergraphs collects groups of labeled objects and analyzesthem in the form of the part to part of objects, the part of objects to the whole group of objects, and the whole tothe whole group of objects at the same time.We have investigated the properties of fuzzy (quasi) superhypergraphsbased on any positive real number as valued fuzzy (quasi) superhypergraphs, considering the complement of valuedfuzzy (quasi) superhypergraphs, the notation of isomorphism of valued fuzzy (quasi) superhypergraphs based onthe permutations, and we have presented the isomorphic conditions of (self complemented) valued fuzzy (quasi)superhypergraphs. The concept of impact membership value of fuzzy (quasi) superhypergraphs is introducedin this study and it is applied in designing the real problem in the real world. Finally, the problem of businesssuperhypernetworks is presented as an application of fuzzy valued quasi superhypergraphs in the real world.

Dirac method for nonlinear and non-homogenous boundary value problems of plates

The boundary value problem plays a crucial role in the analytical investigation of continuum dynamics. In this paper, an analytical method based on the Dirac operator to solve the nonlinear and non-homogeneous boundary value problem of rectangular plates is proposed. The key concept behind this method is to transform the nonlinear or non-homogeneous part on the boundary into a lateral force within the governing function by the Dirac operator, which linearizes and homogenizes the original boundary, allowing one to employ the modal superposition method for obtaining solutions to reconstructive governing equations. Once projected into the modal space, the harmonic balance method(HBM) is utilized to solve coupled ordinary differential equations(ODEs)of truncated systems with nonlinearity. To validate the convergence and accuracy of the proposed Dirac method, the results of typical examples, involving nonlinearly restricted boundaries, moment excitation, and displacement excitation, are compared with those of the differential quadrature element method(DQEM). The results demonstrate that when dealing with nonlinear boundaries, the Dirac method exhibits more excellent accuracy and convergence compared with the DQEM. However, when facing displacement excitation, there exist some discrepancies between the proposed approach and simulations;nevertheless, the proposed method still accurately predicts resonant frequencies while being uniquely capable of handling nonuniform displacement excitations. Overall, this methodology offers a convenient way for addressing nonlinear and non-homogenous plate boundaries.

Author Correction: ITO-free silicon-integrated perovskite electrochemical cell for light-emission and light-detection

Correction to:Opto-Electronic Advances https://doi.org/10.29026/oea.2023.220154 published online 26 April 2023 After the publication of this article1,it was brought to our attention that calculations of the PeLEC device elec-troluminescent(EL)efficiency contained a mistake,leading to an inaccurate quantity value.The device’s maxim-um EL efficiency constitutes not‘~120 klm/W’but‘4.3 lm/W’instead.Correction details are listed below.

Improving Prediction of Chronic Kidney Disease Using KNN Imputed SMOTE Features and TrioNet Model

Chronic kidney disease(CKD)is a major health concern today,requiring early and accurate diagnosis.Machine learning has emerged as a powerful tool for disease detection,and medical professionals are increasingly using ML classifier algorithms to identify CKD early.This study explores the application of advanced machine learning techniques on a CKD dataset obtained from the University of California,UC Irvine Machine Learning repository.The research introduces TrioNet,an ensemble model combining extreme gradient boosting,random forest,and extra tree classifier,which excels in providing highly accurate predictions for CKD.Furthermore,K nearest neighbor(KNN)imputer is utilized to deal withmissing values while synthetic minority oversampling(SMOTE)is used for class-imbalance problems.To ascertain the efficacy of the proposed model,a comprehensive comparative analysis is conducted with various machine learning models.The proposed TrioNet using KNN imputer and SMOTE outperformed other models with 98.97%accuracy for detectingCKD.This in-depth analysis demonstrates the model’s capabilities and underscores its potential as a valuable tool in the diagnosis of CKD.

Development of sustainable and efficient recycling technology for spent Li-ion batteries: Traditional and transformation go hand in hand

Clean and efficient recycling of spent lithium-ion batteries(LIBs)has become an urgent need to promote sustainable and rapid development of human society.Therefore,we provide a critical and comprehensive overview of the various technologies for recycling spent LIBs,starting with lithium-ion power batteries.Recent research on raw material collection,metallurgical recovery,separation and purification is highlighted,particularly in terms of all aspects of economic efficiency,energy consumption,technology transformation and policy management.Mechanisms and pathways for transformative full-component recovery of spent LIBs are explored,revealing a clean and efficient closed-loop recovery mechanism.Optimization methods are proposed for future recycling technologies,with a focus on how future research directions can be industrialized.Ultimately,based on life-cycle assessment,the challenges of future recycling are revealed from the LIBs supply chain and stability of the supply chain of the new energy battery industry to provide an outlook on clean and efficient short process recycling technologies.This work is designed to support the sustainable development of the new energy power industry,to help meet the needs of global decarbonization strategies and to respond to the major needs of industrialized recycling.

Improving the nutritional values of yellow mealworm Tenebrio molitor(Coleoptera: Tenebrionidae) larvae as an animal feed ingredient: a review

Yellow mealworm larvae(YML;Tenebrio molitor) are considered as a valuable insect species for animal feed due to their high nutritional values and ability to grow under different substrates and rearing conditions. Advances in the understanding of entomophagy and animal nutrition over the past decades have propelled research areas toward testing multiple aspects of YML to exploit them better as animal feed sources. This review aims to summarize various approaches that could be exploited to maximize the nutritional values of YML as an animal feed ingredient. In addition, YML has the potential to be used as an antimicrobial or bioactive agent to improve animal health and immune function in production animals. The dynamics of the nutritional profile of YML can be influenced by multiple factors and should be taken into account when attempting to optimize the nutrient contents of YML as an animal feed ingredient. Specifically, the use of novel land-based and aquatic feeding resources, probiotics, and the exploitation of larval gut microbiomes as novel strategies can assist to maximize the nutritional potential of YML. Selection of relevant feed supplies, optimization of ambient conditions, the introduction of novel genetic selection procedures, and implementation of effective post-harvest processing may be required in the future to commercialize mealworm production. Furthermore, the use of appropriate agricultural practices and technological improvements within the mealworm production sector should be aimed at achieving both economic and environmental sustainability. The issues highlighted in this review could pave the way for future approaches to improve the nutritional value of YML.

The Triple Helix of innovation as a double game involving domestic and foreign actors

Purpose:The collaboration relationships between innovation actors at a geographic level may be considered as grouping two separate layers,the domestic and the foreign.At the level of each layer,the relationships and the actors involved constitute a Triple Helix game.The paper distinguished three levels of analysis:the global grouping together all actors,the domestic grouping together domestic actors,and the foreign related to only actors from partner countries.Design/methodology/approach:Bibliographic records data from the Web of Science for South Korea and West Africa breakdown per innovation actors and distinguishing domestic and international collaboration are analyzed with game theory.The core,the Shapley value,and the nucleolus are computed at the three levels to measure the synergy between actors.Findings:The synergy operates more in South Korea than in West Africa;the government is more present in West Africa than in South Korea;domestic actors create more synergy in South Korea,but foreign more in West Africa;South Korea can consume all the foreign synergy,which is not the case of West Africa.Research limitations:Research data are limited to publication records;techniques and methods used may be extended to other research outputs.Practical implications:West African governments should increase their investment in science,technology,and innovation to benefit more from the synergy their innovation actors contributed at the foreign level.However,the results of the current study may not be sufficient to prove that greater investment will yield benefits from foreign synergies.Originality/value:This paper uses game theory to assess innovation systems by computing the contribution of foreign actors to knowledge production at an area level.It proposes an indicator to this end.

Overview on Mangrove Forest Disaster Prevention and Mitigation Functions

This paper provides a comprehensive overview on coastal protection and hazard mitigation by mangroves.Previous stud-ies have made great strides to understand the mechanisms and influencing factors of mangroves’protection function,including wave energy dissipation,storm surge damping,tsunami mitigation,adjustment to sea level rise and wind speed reduction,which are sys-tematically summarized in this study.Moreover,the study analyzes the extensive physical models,based on indoor flume experi-ments and numerical models,that consider the interaction between mangroves and hydrodynamics,to help our understanding of mangrove-hydrodynamic interactions.Additionally,quantitative approaches for valuing coastal protection services provided by man-groves,including index-based and process-resolving approaches,are introduced in detail.Finally,we point out the limitations of previous studies,indicating that efforts are still required for obtaining more long-term field observations during extreme weather events,to create more real mangrove models for physical experiments,and to develop numerical models that consider the flexible properties of mangroves to better predict wave propagation in mangroves having complex morphology and structures.

CAUCHY TYPE INTEGRALS AND A BOUNDARY VALUE PROBLEM IN A COMPLEX CLIFFORD ANALYSIS

Clifford analysis is an important branch of modern analysis;it has a very important theoretical significance and application value,and its conclusions can be applied to the Maxwell equation,Yang-Mill field theory,quantum mechanics and value problems.In this paper,we first give the definition of a quasi-Cauchy type integral in complex Clifford analysis,and get the Plemelj formula for it.Second,we discuss the H?lder continuity for the Cauchy-type integral operators with values in a complex Clifford algebra.Finally,we prove the existence of solutions for a class of linear boundary value problems and give the integral representation for the solution.

Value Iteration-Based Cooperative Adaptive Optimal Control for Multi-Player Differential Games With Incomplete Information

This paper presents a novel cooperative value iteration(VI)-based adaptive dynamic programming method for multi-player differential game models with a convergence proof.The players are divided into two groups in the learning process and adapt their policies sequentially.Our method removes the dependence of admissible initial policies,which is one of the main drawbacks of the PI-based frameworks.Furthermore,this algorithm enables the players to adapt their control policies without full knowledge of others’ system parameters or control laws.The efficacy of our method is illustrated by three examples.

Missing Value Imputation for Radar-Derived Time-Series Tracks of Aerial Targets Based on Improved Self-Attention-Based Network

The frequent missing values in radar-derived time-series tracks of aerial targets(RTT-AT)lead to significant challenges in subsequent data-driven tasks.However,the majority of imputation research focuses on random missing(RM)that differs significantly from common missing patterns of RTT-AT.The method for solving the RM may experience performance degradation or failure when applied to RTT-AT imputation.Conventional autoregressive deep learning methods are prone to error accumulation and long-term dependency loss.In this paper,a non-autoregressive imputation model that addresses the issue of missing value imputation for two common missing patterns in RTT-AT is proposed.Our model consists of two probabilistic sparse diagonal masking self-attention(PSDMSA)units and a weight fusion unit.It learns missing values by combining the representations outputted by the two units,aiming to minimize the difference between the missing values and their actual values.The PSDMSA units effectively capture temporal dependencies and attribute correlations between time steps,improving imputation quality.The weight fusion unit automatically updates the weights of the output representations from the two units to obtain a more accurate final representation.The experimental results indicate that,despite varying missing rates in the two missing patterns,our model consistently outperforms other methods in imputation performance and exhibits a low frequency of deviations in estimates for specific missing entries.Compared to the state-of-the-art autoregressive deep learning imputation model Bidirectional Recurrent Imputation for Time Series(BRITS),our proposed model reduces mean absolute error(MAE)by 31%~50%.Additionally,the model attains a training speed that is 4 to 8 times faster when compared to both BRITS and a standard Transformer model when trained on the same dataset.Finally,the findings from the ablation experiments demonstrate that the PSDMSA,the weight fusion unit,cascade network design,and imputation loss enhance imputation performance and confirm the efficacy of our design.